Cybersecurity Ventures projected that “cybercrime will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015.” This essentially indicates that criminals have access to virtually unlimited budgets to enhance the sophistication of their attacks, while business owners are often doing little to defend themselves. These diverging trends indicate a precarious future. Furthermore, due to COVID-19, many businesses have been compelled to operate remotely, increasing their dependence on home networks to perform daily tasks. This reliance on insecure home networks has made them more vulnerable to breaches than ever before.
Most business owners recognize this issue but tend to dismiss it as a distant threat that can be managed with standard cybersecurity solutions, which typically consist of a pre-packaged firewall, anti-virus/malware protection, and a data backup plan. However, while these measures may have once been adequate, they are unfortunately no longer sufficient. Hackers continually evolve their tactics, and as they discover new ways to breach systems, innovative technologies are essential to counter these advancements. The gap is widening and shows no signs of closing. In fact, according to Accenture, “Security breaches have increased by 67% since 2014.” This statistic indicates that while past dismissals may have been valid business decisions at the time, it is now imperative for businesses to take proactive measures to support their staff, particularly as they face heightened breach risks in a work-from-home environment.
Mark Lasinis, CIO/Vice President of Technology at Imagine Technology Group, stated, “The game has completely changed, and businesses need to understand the implications of inaction. For instance, in most states, you’re legally obligated to publicly announce any breach to news outlets. This can inflict irreparable harm on a company’s reputation, which is a costly burden to bear, especially when cybersecurity solutions are readily available to mitigate these risks.” Lasinis further emphasized, “Regardless of which provider you choose, the best strategy is a layered approach. This way, breaches can be contained, assets protected, and exposure minimized. When a business is breached, it’s crucial to ensure that the entire organization isn’t incapacitated.”
Another significant change is the average duration of a breach. Many people assume that a typical breach, such as a ransomware attack, results in a demand for ransom and a resolution within a few days. However, according to IBM, “the average life cycle of a breach (from breach to containment) lasted almost 11 months.” The employee downtime resulting from such incidents can be a nightmare for management and can often push businesses to the brink of collapse.
In summary, companies that have managed to survive the disruptions of 2020 must reassess their security strategies for 2021 to avoid falling into “survival mode.” As business owners face challenges on multiple fronts, Lasinis underscores why cybersecurity must be an immediate priority for every modern business: “It takes 20 years to build a reputation and only a few minutes of a cyber-incident to ruin it.”
ABOUT IMAGINE TECHNOLOGY GROUP
Imagine Technology Group (ITG) is an Arizona-owned and operated company that provides customers with a single point of contact for all their office technology needs. ITG offers a wide variety of document management solutions, workflow improvements, multi-function devices, VoIP phone systems, digital signage, managed network services, and IT solutions. Through our manufacturers’ National Programs, we can deliver service and support globally. Our goal is to be our customers’ “ONE SOURCE” for any office technology solution they may require. With top-notch customer service provided by well-trained employees, ITG manages your technology so you don’t have to. To learn more about our products, services, and support, please contact ITG at 602-454-0720 or visit www.itgarizona.com.
Cybersecurity Ventures predicted that “cybercrime will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015.” Effectively, this means that criminals have access to unlimited budgets to increase the sophistication of their attacks, meanwhile, business owners are doing little or nothing to defend themselves. Those diverging trendlines signal a precarious future. Furthermore, due to COVID-19, most businesses have been forced to operate remotely which has increased their reliance on home networks to perform their daily duties. This increased reliance on insecure home networks has left them more susceptible to breaches than ever before.
Most business owners are aware of this problem, but disregard it as a distant threat that can be eliminated through the standard cybersecurity solution – which is comprised of a prepackaged firewall, anti-virus/malware protection and data backup plan. However, while that used to be a sufficient solution, it’s unfortunately no longer appropriate. Hackers are constantly evolving their methods and as they find new ways of causing a breach, new technologies are needed to combat these advances. The gap is widening and is also showing no signs of slowing. In fact, according to Accenture, “Security breaches have increased by 67% since 2014.” This fact suggests that while prior dismissals may have been the appropriate business decision at the time, now, businesses must take proactive action to support their staff, especially while they increase their risk of breach in the mandated work-from-home work environment.
Mark Lasinis, CIO/Vice President of Technology of Imagine Technology Group, stated, “The game has completely changed and businesses need to understand the implications of inaction. For example, in most states, you’re legally obligated to publicly announce any breach to news outlets. This can do irreparable harm to a company’s reputation, which is an extremely costly burden to bear, especially when cybersecurity solutions are readily available to eliminate these risks.” Lasinis later added, “Regardless of which provider you use, the best tactic to employ is a layered approach. That way, breaches can be contained, assets can be protected and exposure is minimized. When a business is breached, it’s important to ensure that the whole company isn’t incapacitated.”
Another key factor that has changed is the average duration of a breach. Most people assume that a typical breach, like a ransomware attack for example, results in a breach, demand for a ransom and resolution within a few days. However, according to IBM, “the average life cycle of a breach (from breach to containment) lasted almost 11 months.” The employee downtime from something like this can be a nightmare for management and in many instances, can put businesses on the brink of collapse.
In sum, businesses who have managed to survive the disruption that 2020 has caused need to reassess their security strategy for 2021 so that they don’t get caught in “survival-mode.” While business owners are being tested on every front, Lasinis summarizes why cybersecurity needs to be an immediate priority for every business in the modern age, “It takes 20 years to build a reputation and only a few minutes of a cyber-incident to ruin it.”
ABOUT IMAGINE TECHNOLOGY GROUP
Imagine Technology Group (ITG), an Arizona owned and operated company offering our customers a single point of contact for all their office technology needs. ITG provides a wide variety of document management solutions, workflow improvements, Multi-function devices, VoIP phone systems, digital signage, managed network services and IT Solutions. With our manufactures’ National Programs, we can provide service and support anywhere in the world. Our goal is to be our customer’s “ONE SOURCE” for any office technology solution they might need. Through top-notch customer service, provided by well-trained employees, ITG manages your technology so you do not have to. To learn more about our products, services and support please contact ITG at 602-454-0720 or visit www.itgarizona.com.
